According to the new research report published by The Insight Partners, titled "Unmanned Aerial Vehicle (UAV) Market Forecast to 2025 – Global Analysis – by Component, Type, Application, and Geography," the unmanned aerial vehicle (UAV) market size is expected to grow from US$ 11.45 billion in 2016 to US$ 51.85 billion by 2025 at a CAGR of 18.4% during 2017–2025.

UAVs are advancing at a rapid rate in terms of technology. Drones are likely to be employed more often in a wide range of industries, from commercial to military. The creation of armed UAVs is an important field of innovation. Further, the reduction in the average selling price of UAVs is achieved due to increased shipments and aggressive new entrants, predominantly from China. For a long time, the US has been a leader in unmanned aerial vehicles in combat. The MQ-1 Predator, MQ-1C Sky Warrior, and MQ-9 Reaper, all powered by General Atomics, are the three main drones currently in use by the US. The MQ-1 Predator continues to be a widely deployed drone by the US military today. The country's army began developing its version, Gray Eagle, due to its established track record over the years. The drone has a cargo capacity of 1,075 pounds, a glide altitude of 29,000 feet, a working period of 25 hours, and a top speed of 167 knots. The US Army has issued a contract to General Atomics to offer continuing logistics assistance to this drone series. Both the Predator series and the Gray Eagle have an exceptional cruising altitude and a long operational period. They are capable of handling a wide range of jobs, from exploration to search and destroy operations. The investments and developments in the field of UAVs by the US DoD is exceptional and is one of key catalyst to the unmanned aerial vehicle (UAV) market in the recent years.

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The global unmanned aerial vehicle (UAV) market is segmented on the basis of component, type, application, and geography. Based on component, the market is segmented into hardware and software. The hardware segment led the market. Based on type, the market is segmented into fixed wing, multi rotor, single rotor, and hybrid. The fixed wing segment led the unmanned aerial vehicle (UAV) market.

Based on application, the unmanned aerial vehicle (UAV) market is segmented into military & defense, retail, media & entertainment, personal, agriculture, industrial, law enforcement, and construction. The military & defense segment led the market. Geographically, the market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM). In 2020, North America accounted for a significant share in the global unmanned aerial vehicle (UAV) market. The region’s dominance is expected to continue in the upcoming years, as the region houses a significant number of unmanned aerial vehicle (UAV) market players. The unmanned aerial vehicle (UAV) market share is expected to surge at a rapid rate in APAC region. This is majorly due to the emergence of a substantial number of commercial UAV manufacturers. The need for commercial UAVs is foreseen to drive the unmanned aerial vehicle (UAV) market to a great extent during the forecast period.

DJI; Parrot SA; 3D Robotics, Inc.; Yuneec International Co. Ltd.; Airware; AeroVironment, Inc.; DroneDeploy; Northrop Grumman Corporation; PrecisionHawk Inc.; and senseFly SA are among the major companies operating in the unmanned aerial vehicle (UAV) market. Several other manufacturers in the unmanned aerial vehicle (UAV) market were analyzed to understand the overall scenario of the market.

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